Hafnia (Buy, TP: NOK86.00) - Primed for higher payouts
Since December, Hafnia’s NAV has risen more than 30% on strong vessel value momentum and accretive transactions, while it has paid out NOK9.3 in dividends (~18% annualised yield) and paid down debt, with an outlook to generate substantial cash flow from still-strong product tanker rates. We see the stock’s NAV-discounted valuation as an attractive entry point to what we believe will be strong returns in the quarters ahead. We reiterate our BUY and have raised our target price to NOK86 (80).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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